The Top Easy Access Savings Discussion Area

Middle_Sister

BestSeagull said:

Tandem... OK, I'm going to go for it. Wish me luck!

You'll be fine

2010

From NBS tracker T& C.

When the Bank of England Base Rate changes, the new interest rate on your account will apply no more than 5 working days after the change is effective. We will not provide notice of this in writing, new rates will be displayed in our branches and on our website, newcastle.co.uk.

Zopa_Trooper

UVRay said:

flaneurs_lobster said:

UVRay said:

The worry I have with the Tandem/Chip apps is that they seem to have no security other than the possession of the SIM of the mobile number associated with the account. So all this discussion about phone security is irrelevant if a thief can simply put the SIM in a new phone and get access to your accounts using freshly installed apps on that phone?

The app for my main bank account is locked to the phone & would require access to that phone (or a call to customer services) to move it. However Tandem & Chip don't seem to have this security (or am I wrong about this)?

Maybe they have added security around setting up a new linked account to transfer your money out to, but this isn't obvious with the ease with which I set up my linked account (only security was on the other end within the linked account app).

Lock the SIM with a PIN code.

Yes, very good advice (which the apps should strongly encourage you to do if it is not possible to enforce). It's not something I had previously thought worth bothering with, and I would guess it's not something most people do?

PSA: If like me you just went to set a PIN and it asks for the current PIN, don't worry you are not suffering from dementia and have forgotten that you previously set one but can't remember it. For O2 at least, SIMs have a default PIN of 0000 which you will need to enter before setting up your own. The new PIN does not have to be just 4 digits either.

Thanks for that. Turns out Vodaphone are 0000 too. 

boingy

Zopa_Trooper said:

UVRay said:

flaneurs_lobster said:

UVRay said:

The worry I have with the Tandem/Chip apps is that they seem to have no security other than the possession of the SIM of the mobile number associated with the account. So all this discussion about phone security is irrelevant if a thief can simply put the SIM in a new phone and get access to your accounts using freshly installed apps on that phone?

The app for my main bank account is locked to the phone & would require access to that phone (or a call to customer services) to move it. However Tandem & Chip don't seem to have this security (or am I wrong about this)?

Maybe they have added security around setting up a new linked account to transfer your money out to, but this isn't obvious with the ease with which I set up my linked account (only security was on the other end within the linked account app).

Lock the SIM with a PIN code.

Yes, very good advice (which the apps should strongly encourage you to do if it is not possible to enforce). It's not something I had previously thought worth bothering with, and I would guess it's not something most people do?

PSA: If like me you just went to set a PIN and it asks for the current PIN, don't worry you are not suffering from dementia and have forgotten that you previously set one but can't remember it. For O2 at least, SIMs have a default PIN of 0000 which you will need to enter before setting up your own. The new PIN does not have to be just 4 digits either.

Thanks for that. Turns out Vodaphone are 0000 too. 

Always worth trying 0000 and 1111 for any default code, be it a SIM or a TV, PVR etc. I think one of ours defaulted to 9999.
I can't believe I've just published all my secret PIN numbers on a public forum. Next you'll be wanting my mother's maiden name and the name of my first pet...

Yellowman

Why does Tandem offer a bonus rate (0.35%) on top of its 'main rate' (4.65%)?

Why not just offer a rate of £5.00%?

TiVo_Lad

Google is your friend...

https://www.tandem.co.uk/newsroom/tandem-rewards-savings-customers-with-top-up-launch

jimexbox

Yellowman said:

Why does Tandem offer a bonus rate (0.35%) on top of its 'main rate' (4.65%)?

Why not just offer a rate of £5.00%?

So it can lapse (if they want) without all their customers kicking off. 

Bridlington1

jimexbox said:

Yellowman said:

Why does Tandem offer a bonus rate (0.35%) on top of its 'main rate' (4.65%)?

Why not just offer a rate of £5.00%?

So it can lapse (if they want) without all their customers kicking off. 

Also if my memory serves me well when I set the account up (late last year) I had to opt in to get the bonus. If this is still the case now I would imagine many won't have bothered to opt in so less people will be getting paid the full 5%.

phillw

ToneP said:
Not really any choice at all. I have a fairly recent android phone but all the banks I have accounts with have 'updated' their apps so they no longer work on my phone. This was not my choice & I don't think it's reasonable to be expected to buy a new phone every time they do this.

Backwards compatibility seems to be an unknown concept to the current tranche of programmers ( and the updates have nothing to do with security).

How fairly recent? What make?

phillw

Zopa_Trooper said:
Thanks for that. Turns out Vodaphone are 0000 too. 

BT is 5555

In my defense it's around £4 a month for unlimited minutes and texts. They started putting it up by inflation a few years ago and so it's getting to the point where I am thinking of changing.